Mr Cooper Group Inc (COOP)

[thepennyguy]

WMI; Weil/Rosen's Plan in my eyes:

I beleive that a so called "settlement" that Rosen was referring to is not in fact a simple or cash settlement. I beleive that they were ready to submit a reorganization plan "liquidate the estate/equity" based on current A&L settle with creditors with cents on the dollar thus elimating the equity factor to JPM/FDIC, wipe out the commons along with the NSS.
WMI would exit BK with new stock proceed with litigations and settle JPIG/FDICK down the road. This leaving the Debtor/WMI in a great cash position/ and business as usual.

Of course I am not sure of the legalities (mordicai?)

Now with an EC this all changes.

below are links from the delware BK court regarding settlement proceedures:

http://www.deb.uscourts.gov/Chambers/settlement_agreement.pdf

I also added this on EC
http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter11.html#committee

GO EC/JOYCE